Emal raises $5bn to fund world's largest smelter
Emirates Aluminum Company (Emal) said on Sunday it has raised almost $5 billion to fund construction of the world’s largest aluminium smelter facility.
The $4.9 billion in loans will cover the cost of building the first phase of the project – a 700,000 tonnes per year aluminium smelter - at the Khalifa Port and Industrial Zone in Abu Dhabi.
Emal, a joint venture between Mubadala Development Company and Dubai Aluminum, said it intended to borrow up to a further $2 billion during the project’s construction, without being more specific.
The financing was led by Abu Dhabi Commercial Bank (ADCB), BNP Paribas, Calyon, Royal Bank of Scotland (RBS), Standard Chartered, Sumitomo Mitsui Banking Corporation, Citigroup, Emirates Bank International (EBI), Export Development Canada, Export Finance and Insurance Corporation, Goldman Sachs Credit Partners, Mashreq and National Bank of Abu Dhabi (NBAD).
Construction of the aluminium smelter facility is being carried out in two phases. Once complete, the facility will have an annual production capacity of 1.4 million tonnes of aluminium.
The smelter is scheduled to commence production in 2010. Source
The $4.9 billion in loans will cover the cost of building the first phase of the project – a 700,000 tonnes per year aluminium smelter - at the Khalifa Port and Industrial Zone in Abu Dhabi.
Emal, a joint venture between Mubadala Development Company and Dubai Aluminum, said it intended to borrow up to a further $2 billion during the project’s construction, without being more specific.
The financing was led by Abu Dhabi Commercial Bank (ADCB), BNP Paribas, Calyon, Royal Bank of Scotland (RBS), Standard Chartered, Sumitomo Mitsui Banking Corporation, Citigroup, Emirates Bank International (EBI), Export Development Canada, Export Finance and Insurance Corporation, Goldman Sachs Credit Partners, Mashreq and National Bank of Abu Dhabi (NBAD).
Construction of the aluminium smelter facility is being carried out in two phases. Once complete, the facility will have an annual production capacity of 1.4 million tonnes of aluminium.
The smelter is scheduled to commence production in 2010. Source
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